Euro Uber-Merger

Nordex strikes $880 million acquisition of Acciona

Nordex SE, the German wind turbine maker and manufacturer with U.S. headquarters in Chicago, has verbally committed to purchasing a windpower business from Acciona SA, for the price of $880 million.

The deal is split into a cash payment of 366.4 million euros and 16.1 million new shares of Nordex at 26 euros apiece and is expected to be completed early in the coming calendar year, subject to approvals. Nordex, which has headquarters in Rostock and Hamburg in Germany, purchased the windpower sector of Corporacion Acciona, which is based in Madrid and Alcobendas and also presides over industrial, construction, and water infrastructures, mainly to strengthen its American presence and heighten its influence in emerging markets.

This is the merger of two European energy and infrastructure giants.

“Both Nordex and Acciona Windpower have demonstrated ability to grow at impressive pace in recent years,” Lars Bondo Krogsgaard, CEO of Nordex, said in a press release via Bloomberg. Nordex has a strong European presence and hones in on specialized projects. Acciona Windpower focuses on wind farms with no land constraints that have potential for future expansion.

Combined with sales of shares from other large shareholders after the deal, Acciona will have a 29.9 percent stake in Nordex, according to the statement. Under the accord, Acciona can’t increase its stake to 30 percent or more for three years.

Acciona designs and produces wind turbines, with three production plants in the U.S., Brazil and Spain, and another being constructed in India. The company has made turbines for more than 100 wind farms in 18 countries.

Nordex operates in 20 countries, producing, installing and servicing wind farms. The company projects revenues of 2.2 billion euros in 2015, according to the release. Factor in this new agreement, and those figures could see a marked increase in 2016.


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